By Adria Calatayud

AstraZeneca PLC (AZN.LN) said Wednesday that it has agreed to sell and license commercial rights to its Seroquel and Seroquel XR drugs in Europe and Russia to Cheplapharm Arzneimittel GmbH for up to $239 million.

The company said Cheplapharm will make an initial payment of $178 million and might make a further payment of up to $61 million subject to future sales, the U.K. pharmaceutical company said.

AstraZeneca said the deal will allow it to focus on its main therapy areas. The company had previously sold rights to the drugs in the U.K., Japan and other major international markets.

AstraZeneca will continue to manufacture and supply Seroquel and Seroquel XR--anti-psychotic medicines with antidepressant properties--to Cheplapharm during a transition period,

For 2018, pretax profit attributable to the drugs in Europe and Russia was $86 million, AstraZeneca said.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

October 30, 2019 03:32 ET (07:32 GMT)

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